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Retirement tax questions
So i have a similiar situation and want to make sure im doing this correctly:
To enter the nondeductible contribution to the traditional IRA for 2023: - I did this part no issues. My contributions were slightly different ($6,000 in 2022 and $6,500 in 2023)
To enter the 1099-R conversion: - My issue with this portion is my 1099-R mentions $12,500. I know i need to fill out a form 8606 for 2022 as I dont believe that was filed in 2022. Even though my 1099-R mentions $12,500 do I enter that into the box 1 and 2A? Then in the step of "What did you do with the money", the amount converted to Roth IRA should be $12,500 again? I wasn't sure in these steps if I needed to change to $6500 instead? Thanks
‎April 10, 2024
4:00 AM